Ranger Energy develops first hybrid double electric workover rig

HOUSTON - Ranger Energy Services, Inc. (NYSE:RNGR), a $292 million market cap energy services company with notably strong financial health according to InvestingPro analysis, announced the development of what it describes as the industry’s first Hybrid Double Electric Workover Rig, according to a press release statement.

The company, maintaining a healthy balance sheet with a low debt-to-equity ratio of 0.12 and strong liquidity position, is converting existing Taylor rig designs into its new ECHO rigs at a cost "meaningfully below" that of building new electric rigs. Two ECHO rigs are currently under construction with delivery expected in the third quarter of 2025.

Both rigs have already been contracted with major U.S. operators. The contracts include provisions for return on capital investment and options for additional ECHO rigs, the company stated.

The ECHO rigs are designed to operate with zero emissions when connected to well site power and feature electric drive trains with regenerative braking capabilities. The modular architecture allows for component swapping with minimal downtime, while the system includes real-time diagnostics, remote safety interlocks, and integrated artificial intelligence support.

"We’ve engineered a capital-efficient path to electrification that is a step change in operating efficiency with significant safety enhancements and the capability to eliminate emissions," said Stuart Bodden, Chief Executive Officer of Ranger Energy Services.

Ranger Energy Services provides high-specification well service rigs and completion-focused solutions to the U.S. onshore oil and gas industry. InvestingPro analysis indicates the stock is currently trading below its Fair Value, with additional insights available in the comprehensive Pro Research Report, one of 1,400+ detailed company analyses available to subscribers.

In other recent news, Ranger Energy Services reported disappointing first-quarter 2025 earnings, missing both earnings per share (EPS) and revenue expectations. The company posted an EPS of $0.03, significantly below the projected $0.25, and recorded revenue of $135.2 million, falling short of the anticipated $137.3 million. Additionally, Ranger Energy Services announced it has dual listed its common stock on NYSE Texas, maintaining its primary listing on the New York Stock Exchange. This move makes Ranger a Founding Member of the new electronic equities exchange based in Dallas.

In corporate governance developments, Ranger Energy Services held its 2025 Annual General Meeting. Shareholders voted on the reelection of two Class I directors, with Michael C. Kearney and Krishna Shivram securing their positions for another three-year term. Kearney received 11,587,715 votes in favor, while Shivram garnered 15,395,644 votes. These recent developments provide a glimpse into Ranger Energy Services’ current corporate activities and financial performance.

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